Momentum fined for weak crime controls

The Momentum logo. 

JOHANNESBURG - The Financial Sector Conduct Authority has slapped Momentum with an R11-million fine for its weak precautions against financial crime.

The regulator says an inspection found weaknesses in their money laundering and terrorist financing controls.

READ: Momentum impacted by COVID-19

It stresses that Momentum Wealth and Momentum Collective Investments have not been found guilty of facilitating transactions that proved illicit.

The regulator says Momentum has since agreed to remedial action.

Source
eNCA

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